The Council of Economic Experts says nothing about investment. It wants Merkel to be tougher

The eurozone has no mechanism to defend itself against a drawn-out depression

ABOUT WOLFGANG

Wolfgang Münchau is an associate editor of the Financial Times, where he writes a weekly column about the European Union and the European economy. Before taking up this position in September 2003, he was co-editor of Financial Times Deutschland for two years.

Before joining FT Deutschland, Mr Münchau was a Frankfurt correspondent and later economics correspondent of the Financial Times, reporting on the preparation for the final stage of monetary union and the launch of the euro.